And my point is that you often ask a question, are provided with an answer that someone goes to the trouble to offer and then react rudely toward that person without any appreciation toward their effort.
So, to answer your question, I wasnât joking.
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It all become basically irrelevant after the conclusion to the last trip to Chile. Juan still could have derailed things but no longer.
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Changing topics here. Not sure how many people go to the Stockwatch website. It cover both us and canadian stocks, which are pretty much miners. They put out weekly updates on gold, silver, CPCâs/shells
Here is yesterdayâs shell summary. I would normally just provide the link, but you have to be a subscriber to get the full article. So apologize for long post.
Shell Summary for Feb. 22, 2016
2016-02-22 20:21 ET - Market Summary
by Stockwatch Business Reporter
The TSX Venture Exchange gained 3.62 points to 534.41 Monday. John Zangâs shell graduate, Mexican gold-silver explorer Morro Bay Resources Ltd. (MRB: $0.005), has begun a âreview of strategic alternatives,â which may include selling its assets or merging with another company. In other words, it has put itself on the auction block. Morro Bay Resources owns 51 per cent of the past-producing Penoles property in Mexico, with the remaining 49 per cent belonging to Riverside Resources Inc. (RRI: $0.25). Over the past year, Morro Bay Resources had hoped to raise up to $3.5-million in two private placements, but it ended up selling only $667,782 worth of units at five cents. This is not enough to finance its Penoles exploration work.
Morro Bay Resources went public in January, 2014, through Mr. Zangâs own capital pool shell, Morro Bay Capital Ltd. The shell listed in March, 2013, with a $2.66-million initial public offering of shares at 10 cents. Acquiring the Penoles option served as the shellâs qualifying transaction. The resulting company has traded above 10 cents only once: It closed at 11 cents on June 13, 2014. Morro Bay Capitalâs IPO shareholders did not have sufficient opportunity to get out of their investment with a profit, so for its IPO shareholders the shell was a failure by our measure.
Morro Bay Capital was Mr. Zangâs second capital pool shell. His first, Casa Del Sol Capital Ltd., listed in March, 2004, with a $1.5-million IPO of 15-cent shares. In November, 2005, Casa Del Sol launched Tiger-Cat Energy Ltd., which is now a part of Calgary-based oil and gas drilling service provider PHX Energy Services Corp. (PHX: $1.48). Tiger-Cat peaked at 80 cents in December, 2005, and remained above 15 cents until December, 2006. It gave Casa Del Solâs IPO shareholders plenty of opportunities to sell at a profit, making the shell a success by our measure. Mr. Zangâs shell-packaging record now stands at one success, one failure. Mr. Zang, a Calgary lawyer and oil and gas promoter, last month became the chief executive officer of Alberta energy junior Nextraction Energy Corp. (NE). Nextraction has been suspended since May, 2015, for failing to file its 2014 financial statements on time. It last closed at two cents.
Jamie Deithâs Eagle Graphite Inc. (EGA) slipped half a cent to 1.5 cents on a higher-than-usual 1.12 million shares, after releasing assays from its Black Crystal graphite quarry, located west of Nelson, B.C. The assays include 27.15 metres of 1.95 per cent carbon and 15.2 metres of 1.75 per cent carbon.
In March, 2015, David Salmonâs capital pool shell, TLO Capital Corp., acquired 1.5 million units of Eagle Graphite at 10 cents for the shellâs QT. Each unit included one share and one-half warrant, with a whole warrant being exercisable at 15 cents for five years. The IPO shareholders of TLO Capital, who paid 10 cents a share, received about 0.35 of an Eagle Graphite unit for each TLO Capital share held. At the time, the Eagle Graphite fraction was worth about 1.7 cents. Today, it is worth about half a cent. The QT has not given TLO Capitalâs IPO shareholders any chance to profit from their investment, so the shell is a failure by our measure.
TLO Capital was the first capital pool shell founded by Vancouver investor relations man Mr. Salmon, though he has been a director of a few other capital pool shells. Last month, Mr. Salmon was promoted to president from vice-president at the proxy fight consulting company Laurel Hill Advisory Group.
Michael Franksâs shell graduate, medical billing software developer Syncordia Technologies and Healthcare Solutions Corp. (SYN: $0.25), lost $2.53-million (U.S.) on revenue of $10.96-million (U.S.) in the nine months to Dec. 31, 2015. In the same prior-year period, it lost $1.84-million (U.S.) on revenue of $1.69-million (U.S.).
Syncordia went public through Amar Bhallaâs sixth capital pool shell, LL Capital Corp. Mr. Bhalla listed LL Capital in March, 2015, with a $300,000 IPO of 10-cent shares. In August, the shell rolled back 1 for 20 and launched Syncordia. LL Capitalâs IPO shareholders had only one month to sell their holdings for a profit, as Syncordia traded between $2.03 and $3.10. One month is not enough time for most IPO shareholders to sell at a profit, so LL Capital was a failure for its IPO shareholders.
We last discussed Toronto shell-maker Mr. Bhallaâs record in the Shell Summary for Feb. 4, 2015, in which we concluded that his first four shells yielded one success and three failures. Including LL Capital, his record now stands at one success, four failures. His fifth capital pool shell, Carlaw Capital V Corp. (CVC: $0.055), has not yet announced QT plans, but it has until February, 2017, to do so.
AgainâŚit likely had to do with control. The party buying was very likely not Auryn but a friendly party to Medinah. I think Medinah does not want Auryn in control too quickly until everything settles into place. They likely want to maintain a controlling interest till at least the option is exercised.
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Lean you should if they are working with Auryn mining chile. Tia
That is old news and I posted that a while back that their efforts were only for a short term according to Cathy!
Please reconfirm who is going to the trade show. Do we know how to contact Auryn at the show? Hope they have some real news there.
Baldy will be there. Thanks John for taking the time and hopefully have some news to share with us
Was looking at the PDAC twitter page and Chile will be there.
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As much as weâd enjoy AMC storming into the market and chasing the share price to the moon, allowing an optionee in an offeror/optionee relationship to gain CONTROL of your share structure prior to the exercising of the option is a supreme NO-NO. A lot of the times a strict noncircumvention agreement will also forbid the optionee from buying ANY shares in the open market. The agreement between Medinah and AMC seems to involve AMC being allowed to buy a limited amount of shares as long as they promptly report to the public how many shares they have accumulated.
Youâve probably noticed how mannerly they say we bought 150 million shares and weâre going after the Quijano share block. Then theyâll update that they didnât get all of the Quijano block but we did score 60 million more. I donât know who bought the last 60 million recently but if it was them then Iâm sure weâll be hearing from them. With Medinahâs market cap being a little over $20 million, if AMC or one of their allies is about to hand Medinah a minimum of $100 million cash plus 15% of a giant project with tons of very high grade early production opportunities then youâd have to assume that AMC would be chomping at the bit to buy some of these ridiculously priced shares.
Once the last across the table negotiating session is completed between Medinah and AMC then I would think that the alignment of the financial incentives of all parties will be pretty much complete. This reality plus the animosity between the two families and the desire of AMC to pay the least possible amount for the Quijano block are probably two of the primary contributors to the current DISCONNECT. If AMC was on the receiving end of 60 million shares from the Quijano block recently then that would represent a net 120 million swing from a CONTROL point of view if this is all about CONTROL issues between the two families. It would probably signal that the Quijano clan has thrown in the towel. Any further âcrossesâ of shares might be at higher levels if there is some type of agreement in place. Note the difference between a common âcrossâ in the market between 2 parties and an illegal/âshadyâ âwash saleâ in which beneficial ownership of the securities does not change.
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Richard (old alias : grasshopper), John (Baldy) & anyone else whoâd like to meet up during the PDAC convention (either during the day or after for a drink) let me know and weâll coordinate something.
Rod
For those who wish to register (admission to the company booths & some events is free) ,
https://www.pdacevents.ca/annual_convention/delegate/register.asp
Mannerly maybe yes, but far from timely reporting of the purchases of the 150 M shares, which happen between April and May 2014 and was not reported until February 2015. JMO
Who told you?